Global oil prices have retreated to their lowest levels since before the conflict involving Iran, as shipping activity through the strategically important Strait of Hormuz continues to recover.
Brent crude, the international benchmark, briefly dropped below $72.48 per barrel — the level recorded on February 27, a day before the United States and Israel launched strikes against Iran — before rebounding slightly to trade at $73.23, Caliber.Az reports, citing the BBC.
Oil markets have experienced significant volatility in recent months after Iran responded to the attacks by effectively shutting down the Strait of Hormuz, one of the world's most critical routes for oil and gas exports.
Prices have been trending downward since Washington and Tehran signed a Memorandum of Understanding on June 17, establishing a 60-day framework for negotiations aimed at resolving disputes over Iran's nuclear programme and ending hostilities.
Despite the recent decline, analysts caution that geopolitical risks in the region remain.
"Markets are still watching the region closely, and any renewed tensions could quickly send oil higher again," said Pratibha Thaker, regional director for the Middle East and Africa at the Economist Intelligence Unit.
By Bakhtiyar Abbasov
